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UpdatedWed, Apr 21, 2021 at 2:04 pm CT
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The festival has been owned locally since 1987 by a group consisting mostly of its founders. (Antonio Cantu/Patch)
AUSTIN, TX Penske Media Corp., which publishes magazines like Rolling Stone and Variety, will own a 50% stake in Austin s South by Southwest festival, according to The Wall Street Journal.
The festival has been owned locally since 1987 by a group consisting mostly of its founders.
For years, SXSW has pumped hundreds of millions of dollars into the Austin economy.
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But that changed when Austin and Travis County officials forced the 2020 festival to call off the 2020 festival a week ahead of its event because of the coronavirus pandemic.
The festival has been owned locally since 1987 by a group consisting mostly of its founders.
For years, SXSW was a financial juggernaut, pumping hundreds of millions of dollars into the Austin economy. But Austin and Travis County officials forced it to call off the 2020 festival a week ahead of the event because of the coronavirus pandemic. Without a conference, SXSW cut a third of its full-time staff.
The festival returned this year in a shortened, virtual form but was looking for a financial lift to get back to a full-sized festival in 2022.
Terms of the deal were not disclosed and SXSW officials were unavailable for comment. SXSW says the festival will still be run by the founders group.